We were approved for a FHA loan!

[rcsrodriguez]

This is great news of course, as we were approved for a loan with our credit as it stands currently. HOWEVER, I still would like to go VA and have the loan officer looking into that further, and it is not *quite* as much as we would have liked, as they are counting our charge offs within our dti ratio.

Can someone provide me a decent link where I can research FHA loans further? I am having a difficult time finding good information, and I am admittedly not too familiar with them. Thanks!!

[dg0673]

Congratulations! You can look at www.fhalibrary.com for lots of good info on FHA loans.
Just last week I closed on my first home using a FHA loan and it was pretty straightforward.

[allgone]

How does FHA decided how much loan you get approved for?

[humdinger]

RC

Any idea what credit scores you have?

[rcsrodriguez]

Our credit scores:

ME: TU (truecredit..don't know how accurate it is, but I paid for it!?) 621; EQ (Myfico) 572; EX (Credit Expert) 621 all as of 7/9/2003. Privacy Guard as of 7/15 was 610 (Equifax). PG as of 7/28 was 620.

DH: TU (truecredit) 601; EX (Credit Expert) 637 as of 7/9/2003. Privacy Guard as of 7/15 was 606. PG as of 7/29 was 611.

We qualified, but it is 20k shy of what we want/need. Our revolving debt currently is one auto pymt. If you factor in the 3 charge offs than I imagine our debt-to-income ratio is lower, but without them we are fine.

I really hope we can get more as we found "THE" home.